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Happy Friday Pre Rollers! Welcome to another edition of The Pre Roll, the cannabis newsletter that keeps you up-to-date on the industry happenings you need to know.
Here’s what we’re rolling up this week:
Farm Bill moves forward with hemp ban intact
Tilray Brand acquires BrewDog assets
Cannabis companies report 2025 results
…and more. Let’s get to it.
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🚨 ROLL CALL
Policy
Source: Harvest Public Media
Hemp hurdles. Congressional lawmakers on the House Agriculture Committee advanced the 2026 Farm Bill with a package of hemp‑related provisions focused on industrial hemp cultivation and regulatory flexibility for growers, but rejected industry‑backed amendments that would have delayed the impending federal ban on intoxicating hemp products containing THC, leaving uncertainty around the future of those products as the bill moves forward.
A provision was initially passed last November as part of a federal funding bill agreed upon to end the longest U.S. federal government shutdown in history, dealing a significant blow to the $28 billion hemp market. The package, signed and supported by President Trump, tightened the legal definition of hemp and effectively banned hemp‑derived products containing more than 0.4 milligrams of THC. The U.S. Hemp Roundtable, a national nonprofit advocacy organization, said at the time it will eliminate 95% of the industry.
Business
Source: BrewDog via LinkedIn
Craft conquest. Tilray Brands has completed a strategic acquisition of select assets from global craft brewer BrewDog in a £33 million deal that significantly expands its beverage footprint and advances its integrated cannabis and beverage portfolio.
“BrewDog is one of the most iconic, mission-driven craft beer brands in the UK. It helped redefine modern craft beer through bold innovation, fearless creativity and an unwavering commitment to great beer. What makes BrewDog truly special has always been its brewers, its brewpubs and its passionate community of beer fans. As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth. BrewDog’s future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement.”
The transaction includes BrewDog’s global brand and IP, UK brewing operations, and eleven key brewpubs across the United Kingdom and Ireland, and is expected to generate about $200 million in annual net revenue. With this deal, Tilray’s global beverage platform is forecast to reach approximately $500 million in total annual revenues.
The 38 other brewpub locations are slated to close. Separate negotiations to acquire BrewDog’s U.S. and Australian assets are expected to be completed within the next month.
Business
Source: Yahoo! Finance
Early earnings. A number of the largest publicly traded cannabis companies reported financial results for the fourth quarter and full year of 2025, with varied outcomes. Click on each business below for further detailed information.
Stay tuned next week as additional companies release their 2025 performance updates.
🇺🇸 STATE OF THE INDUSTRY
Alaska: Officials are considering multiple measures to change the state’s current cannabis cultivation tax.
Kentucky: Legislators are seeking to allow cannabis beverages to be sold beyond liquor stores in bars, restaurants, fairs, and festivals for adults 21 and older under new regulations.
Louisiana: A Democratic lawmaker has introduced a bill to launch a three year adult-use cannabis pilot program allowing sales through select existing medical dispensaries, with the goal of studying its impacts before deciding whether to adopt permanent statewide legalization.
Michigan: A bipartisan group of state senators proposed legislation to repeal the state’s new 24% wholesale cannabis tax, arguing it is contributing to declining sales, business closures, and job losses in the struggling legal cannabis industry.
New Hampshire: The state Senate voted to table a House bill that would have legalized cannabis for adults, stalling legalization efforts in the 2026 legislative session.
New York: Governor Kathy Hochul announced the appointment of John Kagia as Acting Executive Director of the Office of Cannabis Management (OCM), highlighting his policy and industry experience.
🤝 DEALS
Verdant Capital Partners nabs Native Roots
The cannabis investment platform signed a definitive agreement to take over the operations of 17 Colorado cannabis dispensaries under the retailers brand.
💨 QUICK HITTERS
PAX has launched the PAX FOUR, its most powerful dry herb vaporizer to date, engineered to deliver denser, smoking‑level vapor with faster heat‑up.
Smokiez Edibles is expanding internationally through a partnership with the Global Cannabis Exchange (GCX) to enter new global markets.
High Tide and its U.S. hemp‑derived CBD subsidiary NuLeaf Naturals joined the National Compassionate Care Council (NCCC) as founding members.
📚 WHAT WE’RE READING
Civil Libertarians Left and Right Unite To Oppose Disarming Cannabis Consumers (Reason)
IRC 280E Still Applies to Your Marijuana Business, Unfortunately (Harris Sliwoski)
Michigan tourist town that turned into Weed City, USA pushes back on pot (Crain’s Detroit Business)
L.A. cannabis businesses owe $400 million. The city may get only $30 million (Los Angeles Times)
As Congress debates hemp-derived THC ban, Pa. lawmakers look for other options (PennLive)
How Lume Cannabis beat a northern Michigan pot ban (MLive)
Regulation, Not Prohibition: Why It Can’t Wait (Wine & Spirits Wholesalers of America)
🎙️ POTCASTS
Matt Stang of High Times (Talent in Cannabis)
Cannabis Predictions & Disruptive Investing (Cannabis Investing Network)
🔎 JOB BOARD
Fernway
$200,000—$250,000
JARS Cannabis
$50,000—$60,000
Texas Original
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💚,
The Pre Roll Team
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